fbpx

Chad Wilson: Financial turmoil puts property insurance claims at risk

 

Chad T. Wilson, For the Express-News
April 26, 2023
Updated: May 1, 2023 4:05 p.m.

 

Chad-Wilson-Financial-turmoil-puts-property-insurance-claims-at-risk
It’s that time of year when severe weather can lead to insurance claims. Property owners should do their due diligence to ensure their policies will provide full coverage.

PUBLISHED by JERRY LARA, Staff/ San Antonio Express-News – April 26, 2023

Chad Wilson Commentary: Financial turmoil puts property insurance claims at risk

How did we get here?
We are all feeling the effects of high inflation and the stock market decline. If your home or business is damaged by a storm, those financial forces may result in a low settlement offer, or your claim being denied.

As an attorney representing businesses and homeowners who must fight large insurance companies, I can attest this is an all-too-common occurrence. With financial pressures increasing, I foresee a corresponding increase in denied property damage claims.

Property owners should review their policies every year and be ready for the storms ahead and potential battles with their insurance companies to get valid claims paid. If you are uncertain what effect endorsements have, write your agent and have them explain it.

Why is claim underpayment and claim denial likely to get worse?

The recent news of large bank failures has been a crash course for many on how banks make money. They take deposits, make loans and invest money in stocks and bonds. U.S. Treasury bonds are considered one of the safest investments in the world, but when interest rates rise, the value of those bonds decreases. With the value of stocks and bonds down, banks have a weaker balance sheet.

Your insurance company works largely the same way. Premiums are collected, that money is invested and the returns on that investment pay out claims. With stocks and bonds down, the only thing insurance companies can control is the amount they pay in claims. Claim denials are profitable and happen even when the economy is strong.

After a storm, many homeowners are faced with damage to their homes and file an insurance claim to make repairs. What should be a simple and straightforward process is often frustrating and confusing. Claims are denied, delayed or settled for a fraction of the insured damages.

It’s hard for the average business owner or homeowner to fight back against companies with seemingly infinite time, money and experience.

What can you do to protect yourself?

• Review your policy: Does it reflect increased property values? Does it pay the price to repair or replace your damaged property without deducting for depreciation, or does it only pay the depreciated price to repair or replace your damaged property? Are you covered for all perils or only a select few?

• Update your policy: Make changes if necessary and get quotes from other insurance companies. Your current provider has no incentive to compete for your business. Insurers have also learned it does not benefit their bottom line to keep their insureds for years and years like they did decades ago.

• Prepare for storms and prepare to fight if you make a claim. One way to do both is with documentation. Photograph your property before storm season starts and after any improvements or modifications, and document damage immediately after a storm. Keep detailed notes of your communications with your insurance company and all expenses incurred associated with the storm.

The current financial storm is likely to result in more valid claims being denied. People insure their property so they can recover from damages and move forward. Getting a fair and timely settlement for proper claims is essential, especially in difficult economic times.Chad Wilson Commentary: Financial turmoil puts property insurance claims at risk.

Contact our Chad T. Wilson Law Firm Office Locations to Schedule a free Consultation.


Chad T. Wilson is an attorney whose firm specializes in property insurance disputes.
Written By:
Chad T. Wilson

Related Posts

17 Responses
  1. Charlesdrard

    The fact is that an individual accused of a crime is going to access a sore offer, without having the professional services of a competent attorney. Therefore, if you or a family member happens to be accused of committing a crime, do not pause to get hold of certainly one of our Los Angeles county criminal defense law firm pros. Our force We one load all of our rank and file because of the recommended professional brains in the community. All of us of law experts are particularly experienced in the law while the red tape that complicates a range of criminal lawsuits. Our criminal defense attorney are true pros. These legal professionals should never pass personal judgment on a customer faced with extreme criminal acts such as murder, rape if not child molestation. They have to and also to the very best of their capability defend a customer whom they could actually think to be responsible for the crime for which these are typically charged. Once more, they need to put aside personal values additionally viewpoints and guard a client which has been faced with committing ineffable behaviors. Therefore, becoming a criminal defense legal practitioner not just involves effort and true character to defending each and every man or woman’s legal rights awarded beneath the law. Every instance reveals its very own certain sets of challenges despite which region of the court room any client is situated. With all sorts of law you can find pros and cons, but with criminal law more look to simply begin to see the cons. There’s always the possibility of a unlawful convictions, a mistrial at a remarkably essential case, or the risks of working with merciless offender, especially their unique livelihood and various criminal sourced elements of large earnings. Many law firms, legal firms could concur that there clearly was a long set of minuses, as well as damaging views that simply follow the job, but the majority effective law firms be seemingly able to see at night extreme words and measures, and so are in a position to look at good that is released of exercising criminal law. The great verdicts in which further confirm your customers innocence to the subdivision, all of the the cases and clients, and also the capacity to be cross analyzing witnesses into the court room virtually every afternoon, usually are thought about. If you want to determine more about this idea subject matter come to excellent karate web-property: [url=https://amicuslegalgroup.com/areas-served/montclair-personal-injury-lawyer/[color=#000_url]dog bites lawyer riverside close Jurupa Valley CA[/color][/url]

  2. I loved as much as you’ll receive carried out right here.
    The sketch is attractive, your authored material stylish.
    nonetheless, you command get got an nervousness over that you wish
    be delivering the following. unwell unquestionably
    come more formerly again since exactly the same nearly
    very often inside case you shield this hike. I saw similar here: %random_link% and also here: e-commerce

  3. Fantastic items from you, man. I’ve bear in mind your stuff previous
    to and you are simply extremely fantastic. I really like what you have obtained here, certainly like what you are saying
    and the best way by which you say it. You make it entertaining and
    you continue to care for to stay it smart. I cant wait to learn far more from you.
    That is really a tremendous site. I saw similar here:
    dobry sklep and also
    here: najlepszy sklep

  4. Hello, I think your blog might be having browser compatibility
    issues. When I look at your blog site in Firefox, it looks fine but when opening in Internet Explorer,
    it has some overlapping. I just wanted to give you a quick heads up!
    Other then that, awesome blog! I saw similar
    here: sklep internetowy and also here:
    dobry sklep

  5. Hello great blog! Does running a blog like this
    take a great deal of work? I have virtually
    no expertise in programming however I had been hoping to start my own blog in the near
    future. Anyhow, should you have any recommendations or
    tips for new blog owners please share. I understand this is off subject nevertheless
    I simply needed to ask. Kudos! I saw similar here: najlepszy sklep and also here:
    e-commerce

  6. My developer is trying to persuade me to move to .net
    from PHP. I have always disliked the idea because of the
    expenses. But he’s tryiong none the less. I’ve been using WordPress on various websites for about a year and
    am worried about switching to another platform. I have heard good things about blogengine.net.
    Is there a way I can import all my wordpress content into it?
    Any kind of help would be greatly appreciated!

    You can see similar: sklep and here
    ecommerce

  7. Do you mind if I quote a few of your articles as long as I provide credit and sources back to your blog?
    My blog is in the exact same area of interest as yours and my
    visitors would really benefit from some of the information you provide here.

    Please let me know if this okay with you. Thanks a lot!

    I saw similar here: ecommerce and also here: sklep online

Leave a Reply

The Chad T. Wilson Law Firm Office Locations
1001 Bannock Street, Suite 239 Denver, CO 80204
1240 Winnowing Way, Suite 102 Mt Pleasant, SC 29466
630 W. Prien Lake Rd., Suite B Lake Charles, LA 70601
650 Poydras St, Suite 1400 PMB #6018, New Orleans,
LA 70130, United States

41001 Bannock Street,
Suite 239
Denver, CO 80204

1240 Winnowing Way, Suite 102 Mt Pleasant, SC 29466